FAIRFIELD — Now this is a plateau – and it may be healthy for the local housing market.
San Diego-based real estate service DataQuick reported Wednesday that the median price for homes sold in Solano County in June was $300,000. It was the fourth consecutive month that the median price was either $300,000 or $300,700 – a series of months unparalleled in recent history for price stability.
“We’re really seeing housing prices stabilize, which is a healthy thing for the marketplace, considering what we’ve been through” said Denise Kirchubel, a Realtor with ReMax/Gold in Fairfield. “You can’t have a significant upward trend forever. That’s what causes bubbles.”
The median price increased from $214,250 to $300,000 over the 13 months leading up to the current plateau – occasionally jumping as much as $15,000 in a month.
Kirchubel said that stable prices helps increase the number of homes on the market, since homeowners and buyers both have an idea of what homes are worth.
While the same as the past few months, June’s median sales price was a 14.5 percent jump over a year ago – and it was the 26th consecutive month of year-over-year increases. There still aren’t many homes for sale, with 565 sold in June – a 3.9 percent jump over a year ago, but second-lowest for that month since 2008.
Across the nine-county Bay Area, the median price for a home was $618,000, an 11.4 percent increase over last June. The number of homes sold was up 0.2 percent over a year ago – the first year-over-year increase in the number of homes sold in the Bay Area as a whole since September 2013.
Darla Stever, a veteran Fairfield Realtor, said she thinks local prices are increasing – but that lower-end homes are selling quickly, while more expensive ones aren’t.
“From what I’ve seen, prices are going up but sellers are – if this is the right word – getting greedy,” she said. “They see the house next door sell for $380,000, so they say ‘mine is worth $400,000.’ They’re overpricing, so their homes stay on the market longer.”
Stever said that homes selling for less than $300,000 – the median – move quickly.
“They’re gone in less than a week,” she said. “The reason (the median price is flat) is that the more expensive homes are priced too high and stay on the market longer.”
The last time there was a four-month stretch anywhere near this stable for median prices was October 2012 through January 2013, when prices varied from $216,000 to $221,500.
Solano has the lowest home prices in the Bay Area by a big margin. The next lowest median price in June was $450,000 in Sonoma County. Napa County’s median sales price was $485,000.
Reach Brad Stanhope at 427-6958 or email@example.com. Follow him on Twitter at www.twitter.com/bradstanhope.